AltamarCAM Partners

What AltamarCAM Partners does

AltamarCAM Partners is an independent, partner-led private markets asset manager headquartered in Madrid, Spain, founded in 2005 from the merger of Altamar and CAM. The firm manages €20.8 billion in assets under management across six alternative asset classes — private equity, venture capital, life sciences, real estate, infrastructure, and debt — accessed through primary fund commitments, secondaries, co-investments, separately managed accounts, and bespoke vehicles. AltamarCAM serves institutional investors, family offices, insurance companies, and qualified retail investors (with a stated 14,750+ retail client base), distributed through dedicated investor relations teams across 7 offices in 5 countries: Madrid, Barcelona, Cologne, Munich, London, New York, and Santiago de Chile. The platform is operated through multiple regulated subsidiaries including Altamar Private Equity SGIIC and Altan Capital SGIIC (CNMV-registered in Spain), CAM Alternatives GmbH (Germany), and Altamar Partners North America LLC (SEC-registered in Delaware).

The firm operates a fund-of-funds and solutions model with growing direct co-investment capabilities (recent transactions include the €95 million Lanserhof investment and Labomar stake transactions). Proprietary technology includes the ESG Due Diligence Questionnaire (DDQ) and AI-supported ESG Portfolio Analytics platform, which score all underlying GPs on ESG criteria; the firm reports 100% GP coverage, 93% ESG due diligence incorporation, and 74% UN PRI signatory rate among underlying managers. AltamarCAM is recognized with UN PRI 5-star ratings (2025) across all categories, Responsible Investment Brand Index Top 10, Real Deals Future 40 ESG Innovators, and ISO 27001 certification.

The business model generates revenue through four streams: (1) recurring management fees on AUM across proprietary and third-party funds, (2) performance fees and carried interest on investment performance, (3) fund distribution fees on third-party fund placements via Altamar Private Equity, and (4) corporate advisory and merchant banking fees from Altamar Advisory Partners. Ownership was 60% Managing Partners / 40% Permira Growth Opportunities Fund II from 2023 until March 2026, when Mercer (Marsh McLennan, NYSE: MRSH) agreed to acquire the entire firm, with the transaction expected to close in H2 2026.

Name

AltamarCAM Partners

Legal name

Altamar CAM Partners, S.L.

Website

https://altamarcam.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

251–500 employees

Short description

AltamarCAM Partners is an independent, partner-led Spanish private markets asset manager with €20.8bn AUM, offering institutional, family office, insurance, and qualified retail investors access to global alternatives across private equity, venture capital, life sciences, real estate, infrastructure, and debt via funds, secondaries, and co-investments. Being acquired by Mercer (Marsh McLennan).

Ownership category

akta.pro rank

Product category

Private Markets Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Comprehensive/Full-Service RIAs & Independent Wealth Managers (FSAAACAA)

Keywords

• Private equity funds
• Alternative asset management
• Fund of funds
• Venture capital investments
• Private market solutions

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Management Fees: AltamarCAM charges management fees on assets under management across its various fund products including primary funds, secondary funds, co-investments, and bespoke accounts in private equity, venture capital, real estate, infrastructure, debt, and life sciences asset classes.
2. Performance Fees (Carried Interest): The firm earns carried interest on investment performance across its managed funds and accounts.
3. Fund Distribution Fees: Altamar Private Equity distributes third-party funds in addition to its proprietary funds.
4. Advisory Services: Altamar Advisory Partners provides corporate advisory and merchant banking services.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

AltamarCAM Partners is an independent, partner-led private asset manager that provides institutional and qualified investors with access to global alternative investments across six asset classes: private equity, venture capital, life sciences, real estate, infrastructure, and debt. The firm delivers these exposures through primaries, secondaries, co-investments, and bespoke separately managed accounts, complemented by third-party fund distribution and corporate advisory services.

Product overview

AltamarCAM Partners operates as a unified private markets platform offering comprehensive solutions through multiple specialized sub-brands and product lines. The core platform provides access to global alternative investments across six asset classes: Private Equity, Venture Capital (via Galdana Ventures), Life Sciences (via Alta Life Sciences), Real Estate (via Altan Capital and Altamar Real Estate), Infrastructure, and Debt/Credit. The company structure includes two Spanish fund managers (Altamar Private Equity and Altan Capital), a German alternative asset manager (CAM Alternatives GmbH), advisory services (Altamar Advisory Partners), and several specialized investment platforms. Client access is provided through dedicated investor portals and the platform supports multiple investment vehicles including funds, managed accounts, and bespoke solutions.

Differentiator

Problem solved

Functional benefit

Brands

• Aliath Bioventures: AltamarCAM's health and life sciences impact investment platform focused on healthcare and biotech investments.
• Galdana Ventures
• ACP (AltamarCAM Private Markets)

Products and services

• AltamarCAM Partners Private Markets Platform

Quantifiable outcome

• 100% of underlying fund managers (GPs) are assessed on ESG criteria
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Cleon CapitalcoreStrategic or Co-development Partner · 17 June 2026AltamarCAM Partners reached an agreement with Cleon Capital to lead the replacement of several family offices in the Italian nutraceutical company Labomar, while also injecting new capital. Cleon Capital originally invested in Labomar in 2020 and acted as anchor investor in its IPO. The partnership will work together to continue Labomar's expansion strategy.
• Alantra Private EquityminorStrategic or Co-development Partner · 13 February 2026Alantra Private Equity closed a €155 million healthcare continuation vehicle led by Hayfin Capital Management to increase its stake in Health in Code. AltamarCAM was mentioned in the context of industry relationships as a reference for similar fund structures.
• CrescentaminorStrategic or Co-development Partner · 5 February 2026Crescenta, a Spain-based digital asset manager specializing in private equity fund investments, appointed Alejandra Muguiro as CIO. Muguiro previously served as Vice President at AltamarCAM Partners, demonstrating talent flow between firms in the Spanish private equity ecosystem.

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Lexington Partners: One of the world's largest dedicated secondary private equity investors, acquired by Franklin Templeton in 2021. Directly comparable to AltamarCAM's secondaries and co-investment capabilities and overlapping institutional LP client base.
• StepStone Group: Global private markets solutions platform with deep secondaries, co-investment, and fund-of-funds capabilities serving institutional clients. Closely matches AltamarCAM's multi-strategy model, with significantly larger AUM (>$150bn) and broader global footprint.
• Grosvenor Capital Management: US-based multi-asset alternatives manager (acquired by Roper Technologies in 2024) with customized multi-manager solutions and co-investments. Directly comparable product set and institutional client focus, though US-domiciled and larger scale.
• Pantheon Ventures: Global private markets multi-manager solutions provider (owned by Affiliated Managers Group) specializing in primaries, secondaries, and co-investments for institutional investors. Highly comparable investment strategy, though more focused on fund-of-funds versus AltamarCAM's broader offering.
• Alantra Partners: Spanish independent financial advisory and asset management firm with private equity, credit, and asset servicing businesses. Closely comparable by geography (Madrid-headquartered), size, and Iberian client base, with overlapping alternatives strategy and recent continuation-vehicle deals (e.g., Health in Code).
• Partners Group: Swiss-listed global private markets asset manager offering PE, infrastructure, real estate, and debt solutions to institutional and HNW clients. Comparable multi-asset platform with much larger AUM (>$150bn) and stronger direct-investing capability versus AltamarCAM's fund-of-funds lean.
• Hamilton Lane: US-listed multi-asset private markets solutions provider offering primaries, secondaries, co-investments, and customized solutions to institutional investors. Highly comparable to AltamarCAM in product breadth and client base, though substantially larger (>$100bn AUM) and US-centric.

Broad incumbents

• EQT AB: Swedish-headquartered global private equity, infrastructure, and growth manager (€250bn+ AUM). Provides overlapping multi-asset alternatives exposure to institutional clients but with direct-investing emphasis and significantly larger scale than AltamarCAM.
• Intermediate Capital Group (ICG): London-listed global alternative asset manager with deep private credit, real assets, and private equity secondaries capabilities. Comparable asset class breadth and institutional focus, but more credit-anchored and significantly larger AUM.

Emerging players

• Crescenta: Spain-based digital asset manager specializing in private equity fund investments, recently appointed a former AltamarCAM VP as CIO. Emerging regional competitor in the Iberian private markets distribution space with narrower product focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/altamarcam

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries15 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AltamarCAM Partners